Daiichi Gets Nod For Ranbaxy Open Offer

The Japanese drug maker major Daiichi Sankyo is all set for acquisition of Daiichi Gets Nod For Ranbaxy Open Offermajority shares in Ranbaxy Laboratories. The company has received approval of Sebi and FIPB to push the deal.

The Japanese major can invest its $4.6 billion in the Ranbaxy laboratories. Earlier, the company has acquired over 15% stake of Ranbaxy. It had announced to buy 34.8 per cent shares at the face value of Rs 737 per share. It has shown interest to buy 20 per cent additional stakes in the company.

Following the approval of Sebi and FIPB both companies can move ahead with their acquisition agreement signed in the month of June. The revised schedule of open offer is expected to come in the next week.

Ranbaxy CEO and MD Malvinder Singh alleged last week that a multinational company is trying to derail the deal. Market experts believe that the SEBI has cleared the open offer deal after seeking clarification from Ranbaxy. The company had submitted the letter to SEBI on June 27. The open offer had to come on August 8 and close on August 27. 

The current approval by SEBI and FIBP has paved a way to invest over $4.6 billion in Ranbaxy laboratories. 

 

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